A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.

Here in Seattle when Boeing went on the layoffs full force in 78,79,80 some may recall the paper had a headline 'when the last one leaves Seattle please turn out the lights'60k yah lights out not too far from now most likely.

And San Diego is back to 20,600 this morning - up 600 from last week. . .likely will hit a new record here by summer. With sales down 20% again (month to month) and credit crunch because of sub-prime, I would say we have a little problem here.

I was just down in the Phoenix metro area, primarily Cave Creek, Scottsdale, Anthem, Carefree area and they ARE STILL BUILDING LIKE CRAZY! Oh yes, lots of whole new subdivisions. My brother lives near a whole new planned development, something like 3K houses on Lone Mountain Rd which they are just now cranking up.

If you go to the foreclosure listings, Queen Creek, Anthem, Surprise are HUGE!! They are all communities way out on the fringe, which would cost you a fortune to commute to downtown Phoenix if that's where you worked.

I predict home builder stocks are going to plummet!!! Bankruptcies are in order. Tens of thousands, YES TENS OF THOUSANDS of illegals standing on street corners for day labor while the newspapers in Phoenix report unpicked produce in Washington and California. A lot of those same illegals are going to turn to crime rather than pick produce because those are jobs that Mexicans will refuse to do after they got accustomed to making $10-$20 an hour in construction.

The upcoming crash doesn't bother me, I'm prepared. What I CANNOT prepare for is the orchestrated invasion of America by ILLEGALS!! SCREW OUR GOVERNMENT AND THE SHEEPLE THAT ALLOWED THIS TO HAPPEN!!

P.S. If you think the Tens of thousands is an exaggeration, I wish I could hire a helicopter and videotape the Phoenix metro area as I fly over all the hot day labor hang out places. Of course the media is not about to do something like that since they are promoting unlimited legal and illegal immigration.

The HUD auctions should start soon in Phoenix. In the 91 California crash you could buy a house for pennies on the dollar. California desert housing was as low as 10-20,000 at auction where it WAS 1-200,000.

Funny thing is , I don't want Phoenix houses at any price. That place is TOO HOT! Where do they get there water? What is the new median income now that real estate is dead?

You think it's bad now, with 40% of the Phoenix fake economy tied to homebuilding, just wait.

There's gonna be tons of mortgage brokers, realtors, title agents, homebuilders, illegal aliens, lexus salesmen, pf changs waitresses, drycleaners, home depot clerks, etc etc etc that won't be able to make their house payments soon, and will need to sell (at any price)

Nowhere in the US will see a meltdown quite like Phoenix. At least in Vegas they have gambling. Phoenix is a town of real estate.

Phoenix represents the ultimate ponzi scheme. As Keith correctly pointed out, there is no economy in Phoenix outside of real estate. It was an implosion waiting to happen. I lived there for 7 years up until a few months ago, and the only subject of conversation anywhere in Phoenix is real estate. There is nothing else.

Salt river project via theodore roosevelt dam and the canal they built from the colorado river.As far as I can tell there is pleuty of water.Everyone has a pool.Tons of golf courses to water too.building like there is no tommorrow.I see people wasteing water all the time.It is hot here in the summer but AC makes it tolerable.The heat does not bother me.I see lots of fat slobs around here sweating like pigs.I would think the heat would be a good incentive to stay in shape but of course no.

As your Japan chart points out, and the Chart for Cisco and San Diego Housing from 1991-1996 - capitulation comes later than earlier in any cycle. . .Cisco had to hit 9 (from near 90) before the price went back up, and San Diego houses had to go down 20% or more from 1991 to 1996 before they started to go up again - so be patient everyone - with this much inventory, credit crunch, and slow sales, the decline is upon us.

Frank said... Phoenix represents the ultimate ponzi scheme. As Keith correctly pointed out, there is no economy in Phoenix outside of real estate.

Right you are!! 5 million people and not a teacher, lawyer, doctor, dentist, fireman, truck driver, university professor, hotel worker amng them. Nope, every single person in Arizona is a mortgage broker. Nobody works for USAir or ASU or Raytheon or Intel or Honeywell. Nope, everyone is a mortgage broker.

As much as I would like to bekieve devestment's account of CA house selling in 1991 for pennies on the dollar, I think it won't happen. I have rented from a psychoyis whorelord in Scottsdale for what seems forever. Low end house in Gilbert with decent yards are at least 250k. In the early 90's, the banking system was at stake. With all the securitazation happening, will the "banks" be told by FDIC, HUD to sell at a loss????????

I WOULD LIKE SOME THOUGHTS FROM ANYONE OUT THERE ON THIS QUESTION. THANKS

Hey buddy, stop knocking this place, i gotta live in this hell hole, but one grapefruit tree can produce thousands of seedlings every year, ditto to the sweet orange and lemon..........and pigmy sweet date, and have you seen the price and tax of paradice lately??????????, im still waiting for the desert fish farms to produce mass reproducing giagantic gene spliced mass reproducing fish stocks that eat grapefruit peels..

Palo verde nuke station producing hydrogen gasolines as socialist dollars,the largest producer in the world????, but its a dry heat!!!!!!!!!!, chicken farms in the city, fed bouganvilla refuse, even if fed poisionous plants, the foods may be safer than if fed coal produced plastics ala melaminess

and cheap condo highrises from buckeye to apache junction? in the cattle, copper, citrus, and computer state with techno on a downward spiral, after a very large downward spiral???? low ante, low keep was once its greatest selling point, guess its time to move on!!, and fight another day!

hey, i live in the city center here in this 200 sq. mile desert, and im thinking of raising chickens!?, what city center, there is no there, there!!!!!!!!!, wait till its juror duty time and you got no gasoline?

hell put another 200,000 unwanted homes????/ on van buren, in sky rises, im thinking of abandoning ship, which in that 50 mile red light district might be considered a public service, gotta stop trying to bring that place downtown enough to get fair prices and affordable zonings???????, do you know the costs of renta transients?????????

49,608 in Baltimore Washington metroplex. Ouch that’s going hurt! What that number does not show is all the homes that are owned by the government. When you drive through the ghetto there is just block after block of long abandoned home stock that is cinder blocked shut. That is right they brick up all the doors a windows! This is done to fight crime and drug dealing. They gave up long ago!